Mutual funds sold YES Bank, Vodafone Idea and more

NEW DELHI: Domestic fund managers pared stakes in retail favourites and , and tweaked their holdings in certain Rakesh Jhunjhunwala-backed companies, the monthly data for August suggest.

Data showed MFs held YES Bank shares worth Rs 137 crore as on August 31 compared with Rs 155 crore at the end of July. During the month, they trimmed their holding in the private lender to 15.15 crore shares from 17.67 crore shares. Retail and HNI investors owned 32.32 per cent stake in the lender at the end of the June quarter.

Vodafone Idea — where retail and HNI investors account for 17.73 per cent of the total 27.95 per cent public holding — also saw selling by mutual funds. These funds held 13.10 crore shares in the telecom operator as on August 31 compared with 30.04 crore shares as on July 31. In value terms, MFs now hold Rs 80 crore worth of Vodafone shares compared with Rs 248 crore shares earlier.

Table 1 Source ICICI Direct

Lupin, where Rakesh Jhunjhunwala holds shares worth Rs 700 crore, was among the top MF buys for the month. Mutual funds held 5.92 crore shares as on August 31 compared with 5.13 crore in July. In value terms, they owned Rs 5,668 crore worth of Lupin shares compared with Rs 5,676 crore in July.
In Escorts, MFs held 88 lakh shares worth Rs 1,184 crore at August-end, against 73 lakh shares worth Rs 860 crore as of July-end. Jhunjhunwala owns about Rs 880 crore worth of Escorts shares as of today.

Table 2 (2)

Jhunjhunwala, often called Big Bull, entered Indiabulls Housing and SAIL in the June quarter. While SAIL was the funds’ biggest sell in the largecap pack, Indiabulls Housing was their biggest buy in the smallcap pack, data compiled by ICICI Direct suggests.

MFs held Rs 1,962 crore worth SAIL shares at August-end, against Rs 2,987 crore at July-end. They owned Rs 344 crore worth Indiabulls Housing shares as of August-end, up from Rs 277 crore at July-end. Jhunjhunwala owns about Rs 700 crore worth of SAIL shares and just over Rs 200 crore worth of Indiabulls Housing shares.

Table 3

Jubilant Ingrevia, another stock Big Bull has invested in, was on MFs’ sell radar. Funds cut their holding in this stock to Rs 38 crore from Rs 73 crore on a month-on-month basis. In Edelweiss Financial Services, mutual funds’ holding fell to Rs 55 crore from 95 crore.


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